🚨 Battle between banks and crypto heads to the U.S. Supreme Court! 🇺🇸⚖️
The Custodia Bank vs. the Federal Reserve case has entered a new phase, with the Blockchain Association backing the bank in its legal battle over direct access to the U.S. payment system.
The core of the case revolves around a very important question:
Does the Federal Reserve have the right to block a crypto-friendly, qualifying bank from obtaining a Master Account and gaining direct access to the Federal payment network?
Having this access allows banks to deal directly with the Federal Reserve system instead of relying on intermediary banks to execute and settle payments.
According to Eleanor Terrett, the Kansas City Fed has until September 11 to respond in the case.
⚖️ The outcome may go beyond Custodia itself, as it could determine the extent of the Fed’s ability to control crypto-linked banks’ access to U.S. financial infrastructure.
🔥 The crypto and banking battle is no longer only in Congress and the SEC... now the Supreme Court could step in.#SpaceXRisesNearly12%Intraday #USJulyCPI&PPIDueThisWeek #CiscoSharesFallDespiteBeatAndRaise $BTC $
The Custodia Bank vs. the Federal Reserve case has entered a new phase, with the Blockchain Association backing the bank in its legal battle over direct access to the U.S. payment system.
The core of the case revolves around a very important question:
Does the Federal Reserve have the right to block a crypto-friendly, qualifying bank from obtaining a Master Account and gaining direct access to the Federal payment network?
Having this access allows banks to deal directly with the Federal Reserve system instead of relying on intermediary banks to execute and settle payments.
According to Eleanor Terrett, the Kansas City Fed has until September 11 to respond in the case.
⚖️ The outcome may go beyond Custodia itself, as it could determine the extent of the Fed’s ability to control crypto-linked banks’ access to U.S. financial infrastructure.
🔥 The crypto and banking battle is no longer only in Congress and the SEC... now the Supreme Court could step in.#SpaceXRisesNearly12%Intraday #USJulyCPI&PPIDueThisWeek #CiscoSharesFallDespiteBeatAndRaise $BTC $